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Brits in dash for foreign cash

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14/07/2015
Brits are expected to exchange in excess of £267m in travel money today, the single biggest day for foreign exchange transactions, as they prepare to head off on their holidays.

Research by Travelex suggests demand is expected to peak today, with Brits set to exchange more than £10m an hour as they order currency online for the weekend ahead.

It comes as over 1.3 million holidaymakers head off abroad on the weekend of the 18th / 19th – the start of the school summer holidays. Feedback shows the holiday makers will, on average, exchange £500 per person.

Elvin Eldić, head of retail at Travelex UK, said: “We typically see demand for travel money increase at this time of year but with this summer’s combination of holiday makers taking more away with them and the strength of the pound against the euro, we could be in for a record breaking year.”

The eurozone remains the most popular destination for Brits travelling for business and pleasure. For those travelling to Europe this summer, significant savings can be made on sterling to euro transactions with the pound currently at a seven-year high. British holidaymakers can save £50 for every £500 exchanged, at current rates.

Most popular currencies exchanged with Travelex

Euro – 46%

US dollar – 29%

United Arab Emirates dirham – 3%

Chinese yuan – 2%

Australian dollar -2%

Source: Travelex UK data 2015

 

Over a third of Brits said they try to spend every last penny of their foreign currency when away, with 40% saying they don’t see the value of bringing home foreign money because they think the exchange rate is too weak.

 

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